, warning that persistent operational and fiscal challenges could threaten one of Ghana’s most critical export industries.){kind=link}
The World Bank has expressed concern over the financial stability of the Ghana Cocoa Board (COCOBOD), warning that persistent operational and fiscal challenges could threaten one of Ghana’s most critical export industries.
In its latest Ghana Economic Update report, launched on Thursday, August 14, 2025, the Bank noted that despite record-high global cocoa prices, Ghana’s cocoa production remains weak, with COCOBOD carrying significant debts to its suppliers.
The report further highlighted that COCOBOD’s involvement in activities beyond its core mandate — described as quasi-fiscal operations has heightened financial risks. It cautioned that if these challenges are not addressed, they could have far-reaching consequences for Ghana’s economy, given cocoa’s role as a major source of foreign exchange and rural livelihoods.
The World Bank called for stronger oversight and accountability across the agricultural and energy sectors to reduce fiscal vulnerabilities. It also urged COCOBOD to refocus on its primary responsibility of sustaining cocoa production while streamlining operations to boost efficiency and improve financial health.
Cocoa is Ghana’s second-largest export earner after gold, contributing billions of dollars annually. With global cocoa prices at multi-decade highs, analysts say the country must urgently address production and financing bottlenecks to fully benefit from favourable market conditions.